North American Summary and Highlights 1 May
Overview - The USD was stronger after ISM manufacturing data came in less weak than feared.
North American session
The USD took a brief hit when initial claims rose to 241k from 223k but this was quickly reversed with the rise seen largely due to an Easter break in New York schools. The USD saw a more sustained bounce when the April ISM manufacturing index of 48.7 from 49.0 proved more resilient than expected. A small rise in prices paid to 69.8 from 69.4 added to the sense of relief.
USD/JPY rose a big figure to 145.60. EUR/USD fell to 1.1290 from 1.1315. EUR/GBP was little changed near .85 but EUR/CHF was stronger near .9385. USD/CAD bounced to 1.3850 from 1.38 but AUD/USD swas little changed near .6390.
European morning session
The USD was mixed in the European morning. EUR/USD and GBP/USD edged higher, but commodity currencies and the JPY moved a little lower. Most of Europe is on holiday for May Day, so conditions were quiet, but equity markets made gains, encouraged by the strong results from Microsoft and Meta overnight. There was a mild risk positive tone, with EUR/CHF edging up along with EUR/JPY, but little data of note. UK mortgage lending surged in March due to the change in Stamp Duty coming in from April.